Waters Reports Q4 EPS of $4.53, 10.5% Gain, Guides 7–9% Q1 Sales Growth
Waters Corporation posted Q4 non-GAAP EPS of $4.53, up 10.5% year over year, beating estimates by 0.67% on net sales of $932.4 million, which rose 7% annually. The company raised Q1 2026 sales forecast to $718–731 million (7–9% cc growth) and full-year non-GAAP EPS guidance to $14.30–14.50 on 5.5–7% constant-currency revenue growth.
1. Q4 Earnings and Revenue Beat
Waters Corporation delivered Q4 non-GAAP EPS of $4.53 per share, surpassing consensus by 0.67% and marking a 10.5% year-over-year gain. Net sales reached $932.4 million, topping estimates by 0.55% and growing 7% on a reported and 6% on a constant-currency basis.
2. Segment Performance
The primary Waters segment generated $823.9 million in sales, up 8% reported and 7% constant-currency year over year. The TA segment recorded $108.4 million, flat on both reported and constant-currency comparisons.
3. Product Lines and Recurring Revenue
Instrument sales rose 3% to $432.9 million, Services climbed 9% to $329.1 million, and Chemistry surged 13% to $170.3 million. Combined Services and Chemistry recurring revenues totaled $499.5 million, up 10% reported and 9% constant-currency.
4. 2026 Guidance
For Q1, Waters forecasts sales of $718–731 million (7–9% cc growth) and non-GAAP EPS of $2.25–2.35. Full-year 2026 guidance calls for 5.5–7% constant-currency revenue growth and EPS of $14.30–14.50 per share.